Uniform Customs and Practice for Documentary Credits information
International standard for drawing up letters of credit
For other uses, see UCP.
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The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilized by bankers and commercial parties in more than 175 countries in trade finance. Some 11-15% of international trade utilizes letters of credit, totaling over a trillion dollars (US) each year.
Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the International Chamber of Commerce (ICC) by publishing the UCP in 1933 and subsequently updating it throughout the years. The ICC has developed and moulded the UCP by regular revisions, the current version being the UCP 600. The result is the most successful international attempt at unifying rules ever, as the UCP has substantially universal effect. The latest revision was approved by the Banking Commission of the ICC at its meeting in Paris on 25 October 2006. This latest version, called the UCP 600, formally commenced on 1 July 2007.[1]
As of July 2017[update], a decision had been made not to revise the 2007 version of UCP 600, although the ICC agreed that the need for a revision would be "kept under review".[2]
^"ICC Uniform Customs and Practice for Documentary Credits". ICC. Retrieved 29 January 2013.
^Spragge, C., Decision on Revision of UCP600, Druces, published 16 June 2017, accessed 26 November 2020
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